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    Equatorial Guinea Economy - 1991

      Overview: The economy, destroyed during the regime of former President Macias Nguema, is now based on agriculture, forestry, and fishing, which account for about 60% of GNP and nearly all exports. Subsistence agriculture predominates, with cocoa, coffee, and wood products providing income, foreign exchange, and government revenues. There is little industry. Commerce accounts for about 10% of GNP, and the construction, public works, and service sectors for about 34%. Undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Oil exploration, taking place under concessions offered to US, French, and Spanish firms, has been moderately successful, and some revenues from oil exports will begin rolling in by mid-1991.

      GDP: $144 million, per capita $411; real growth rate 2.9% (1988 est.)

      Inflation rate (consumer prices): 5.9% (1989 est.)

      Unemployment rate: NA%

      Budget: revenues $23 million; expenditures $31 million, including capital expenditures of NA (1988)

      Exports: $41 million (f.o.b., 1989 est.); commodities--coffee, timber, cocoa beans; partners--Spain 44%, FRG 19%, Italy 12%, Netherlands 11% (1987)

      Imports: $57.1 million (c.i.f., 1988); commodities--petroleum, food, beverages, clothing, machinery; partners--Spain 34%, Italy 16%, France 14%, Netherlands 8% (1987)

      External debt: $195 million (1989)

      Industrial production: growth rate - 6.8% (1990 est.); acounts for about 4% of GDP

      Electricity: 23,000 kW capacity; 60 million kWh produced, 170 kWh per capita (1989)

      Industries: fishing, sawmilling

      Agriculture: cash crops--timber and coffee from Rio Muni, cocoa from Bioko; food crops--rice, yams, cassava, bananas, oil palm nuts, manioc, livestock

      Economic aid: US commitments, including Ex-Im (FY81-89), $14 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $112 million; Communist countries (1970-89), $55 million

      Currency: Communaute Financiere Africaine franc (plural--francs); 1 CFA franc (CFAF) = 100 centimes

      Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1--256.54 (January 1991), 272.26 (1990), 319.01 (1989), 297.85 (1988), 300.54 (1987), 346.30 (1986), 449.26 (1985)

      Fiscal year: 1 April-31 March

      NOTE: The information regarding Equatorial Guinea on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Equatorial Guinea Economy 1991 information contained here. All suggestions for corrections of any errors about Equatorial Guinea Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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